Theranos CEO Elizabeth Holmes charged with criminal fraud
Source: The Age
Federal prosecutors indicted Elizabeth Holmes on criminal fraud charges for allegedly defrauding investors, doctors and the public as the head of the once-heralded blood-testing startup Theranos. Federal prosecutors also brought charges against the company's former second-in-command.
Holmes, who was once considered a wunderkind of Silicon Valley, and her former Chief Operating Officer Ramesh Balwani, are charged with two counts conspiracy to commit wire fraud and nine counts of wire fraud each, the US Attorney's Office for the Northern District of California said late Friday. If convicted, they could face prison sentences that would keep them behind bars for the rest of their lives, and total fines of $2.75 million ($3.7 million) each.
Prosecutors allege that Holmes and Balwani deliberately misled investors, policymakers and the public about the accuracy of Theranos' blood-testing technologies going back to at least 2013. Holmes, 34, founded Theranos in Palo Alto, in 2003, pitching its technology as a cheaper way to run dozens of blood tests.
Holmes said Theranos had discovered a new way of doing blood testing, one able to do dozens of tests with just a prick of a finger and few droplets of blood. A notoriously secretive company, Theranos shared very little about its blood- testing machine, nicknamed Edison, with the public or medical community. Holmes said she was inspired to start the company in response to her fear of needles.
Read more: https://www.theage.com.au/business/companies/theranos-ceo-elizabeth-holmes-charged-with-criminal-fraud-20180616-p4zlu4.html
catbyte
(34,407 posts)criminals and white supremacists.
SunSeeker
(51,574 posts)NBachers
(17,124 posts)In a new book out Monday, that journalist -- Wall Street Journal investigative reporter John Carreyrou -- sheds light on what went on behind the scenes of the disgraced company.
The book, "Bad Blood: Secrets and Lies in a Silicon Valley Startup," focuses on understanding the culture at Theranos and the tyrannic leadership that steered the startup to its one-time valuation of $9 billion.
Theranos aimed to create cheaper, more efficient alternatives to traditional blood tests using its proprietary technology. But after Carreyrou, a Pulitzer Prize winning reporter, called into question its technology and testing methods in 2015, the company voided two years of blood tests. In May 2018, the SEC charged Theranos with "massive fraud" involving more than $700 million.
"There's no question in mind that she knew there was a risk that she was putting patients in harm's way," Careyrou said.
http://money.cnn.com/2018/05/21/technology/theranos-bad-blood/index.html
Rainbow Droid
(722 posts)Hugin
(33,167 posts)after, of course, The Pardon.
or maybe Trump could use a new personal Doctor. I've heard he is afraid of needles, stairs, germs, and indictments.
SergeStorms
(19,204 posts)exercise and eating vegetables and fruits. He honestly believes his high fat, high carb, high sodium diet of fast food is healthy for him. The man even lies to himself constantly. Well, if nothing else, at least he's consistent.
Guy Whitey Corngood
(26,501 posts)cstanleytech
(26,299 posts)any cases that ended with the death of another human being from something that traditional blood tests would likely have detected had they been done properly done.
dembotoz
(16,808 posts)I had great hope when her test was first announced
Hortensis
(58,785 posts)would have sounded too good to be true are real. This is the age of science.
bucolic_frolic
(43,196 posts)they own the ability to dictate truth and a few of them use it to their total advantage
We've seen this in financial frauds, medical companies, politics
credentials don't always indicate copper-bottom integrity
safeinOhio
(32,690 posts)'irrelevant' because it's 'not a statement to a high tribunal of judges
Hortensis
(58,785 posts)Lucky Luciano
(11,257 posts)paleotn
(17,931 posts)...from the Ivies to northwest podunk state community college. Grifters will use whatever they have or can conjure to compromise their marks. What you should have stated was even people with stellar educations can be duped by the right con.
The bottom line is, use your goddamn heads, people! For anything truly revolutionary, the details will leak and the more revolutionary the faster it leaks. People can't help talking, particularly about something really interesting and other people can't help stealing or simply copying something valuable someone else has. That's simple human nature. The reason this "technology" was such a black box was there just wasn't any there there. Plus, the cons failed in the old axiom that extraordinary claims demand extraordinary evidence. They presented zero evidence other than feel good statements and word salad.
paleotn
(17,931 posts)I have zero sympathy for hucksters. Throw their asses in jail!
dalton99a
(81,526 posts)Its undeniable, her marks were, again and again, older men: How Elizabeth Holmes seduced the worlds most powerful
ONCE valued at nearly $US10 billion, Elizabeth Holmes company was nothing more than a house of cards built on secrecy, lies and intimidation. Now she wants a do-over.
Nick Whigham@NWWHIGHAM